National Bank of Kuwait
(NBK), has posted a first quarter net profit of $291m, up 6% from
the corresponding period a year ago and ahead of analyst
forecasts.
Positive first quarter
metrics included a 12 basis point fall in NBK’s NPL/gross loans
ratio from 1.81% a year ago to 1.69%.
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Total assets increased
by 9% to $50.2bn.
Ibrahim Dabdoub, NBK’s
Group CEO said:
“NBK’s solid performance
in the first quarter of 2011 demonstrates our sound financial
position. We take pride in the work we have accomplished, and our
results are a testament to our ability to generate strong returns
despite challenging regional and global conditions.”
NBK ended the first
quarter with a domestic branch network of 71 units domestically and
177 outlets group wide.
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